Workers are 'sheltering in jobs' in favour of a stable income
Millennials are treading with caution and postponing major career moves this year amid uncertainty from the COVID-19 crisis. Four in five Australians from this demographic are “sheltering in jobs” because of the economic fallout, according to LinkedIn’s latest Workforce Confidence Index.
This segment of the labour force is “prioritising a steady paycheque over career growth” as they cope with career pressures in the pandemic, the report found.
Read more: Workplace confidence rises in Australia
“When listing their top motivators for work, they often picked values aligned with ‘sheltering’ in work,” the analysis said. These career motivations include:
- Earning a stable income to stave off any financial shock from the crisis (72%)
- Waiting out the pandemic for a more favourable job market (29%)
- Staying with the company to enjoy employee perks and benefits (12%)
When asked about financial pressures, Millennials said they weren’t confident about raising their income (30%) and were cautious about spending and taking on additional debt (26%).
This lack of confidence also translates into Millennials’ “cynicism” towards the “strength of their network” (22%) and their work experience or education (14%). One in 10 also reported “having no time or energy to make a significant change in their career”.
While Millennials are predicted to put off job moves until the crisis ends, they have demonstrated a “resilient mindset” throughout, LinkedIn said.
Overall, workforce confidence has “stagnated at +29 (on a scale of -100 to +100)” since the close of 2020. Despite a more positive employment outlook, however, financial and career confidence are falling, LinkedIn said.
“Interestingly, 27% of Aussie professionals said job availability makes them more confident, while 34% said it makes them feel less confident. This could suggest that confidence in job ability varies depending on the industry the professional works in,” the analysis said.
“Australians appear to trust in what they can control (work experience, ability to grow) but are less confident about larger market trends affected by the pandemic (job availability, status of the pandemic).”
